Adrian Hargrave, CEO of SEEEN, explains how the Company is now funded through to profitability. Watch the video here.
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· 3d seismic improves ntorya gas field volumetrics and reveals enormous wider potential
· operator's geomodelling significantly increases ntorya giip to 3.45 tcf
· 3d seismic reveals considerable upside for mtwara licence with total unrisked giip of 16.38 tcf
aminex, the oil and gas exploration and development company focused on tanzania, is pleased to announce that the interpretation of the recently acquired 338 km2 3d seismic dataset over the ruvuma psa has improved the in-place volumetrics for the ntorya gas discovery and revealed a significantly higher resource potential in the wider licence area than previously identified on the existing sp**** 2d database.
the interpretation of the 3d seismic has been completed by the ruvuma psa operator, ara petroleum tanzania (apt). seismic inversion geomodelling, undertaken in collaboration with ikon geoscience, has defined a high confidence area with a revised in-place volumetric estimate for the ntorya gas discovery. a most-likely (approximating to p50) estimate of 3.45 trillion cubic feet (tcf) of gas initially in place (giip) is now believed to be potentially connected to the reservoir sandstones encountered in the ntorya-1 (nt-1) and ntorya-2 (nt-2) discovery wells. this revised ntorya volume represents a substantial increase to the published p50 giip of 1.64 tcf estimated by rps energy (rps) in their february 2018 competent person's report (cpr).
furthermore, the new 3d seismic images a possibly even larger area of gas charged reservoir sandstones, beyond the high confidence area established by the new seismic inversion modelling. this provides for potential additional prospective gas volumes associated with the cretaceous age sand units tested in nt-1 and nt-2 (units 1 and 2) and for the possible existence of an as yet undrilled shallower sand unit (unit 3), to be tested by the forthcoming chikumbi-1 (ch-1) appraisal well later in the year. an upside aggregated giip volume for the ntorya accumulation based on a success case in multiple stacked sands at ch-1, is estimated by apt to be up to 7.95 tcf (approximated to a mean unrisked p10 giip).
rps has been engaged to undertake a revision of their 2018 cpr to support the initial field development plan. the study is likely to focus on a much narrower area of the reservoir, surrounding the two existing wells and ch-1 location that will be targeted for initial production, with the aim of defining preliminary 1p and 2p reserve estimates. these reserve estimates are expected to increase substantially as phased development and project maturation progresses in light of the results of the newly reported apt interpretation studies.
the 3d dataset has also revealed, for the first time, considerable undrilled exploration potential within the broader licence area. multiple undrilled structural and stratigraphic plays spanning a range of geological intervals are estimated by apt to contain a total pmean unrisked giip potential of 8.43 tcf
2... estimated by APT to contain a total Pmean unrisked GIIP potential of 8.43 Tcf (excluding Ntorya). These new plays and prospectivity currently identified to date contain a risked Pmean GIIP exploration potential of ca 2.2 Tcf. Ongoing work, including advanced seismic imaging and reinterpretation of existing wells, is being undertaken to reduce geological uncertainty and mature the new exploration portfolio. The new volumetric studies result in a total updated unrisked GIIP volume for the Mtwara Licence of 16.38 Tcf.
APT's Report on the revised volumetrics will be posted on the Aminex website (www.Aminex-plc.com) today.
And this paragraph is telling you why the CH-1 well is going to be one of the most exciting well drilled in a long long time. Its targeting an additional 4.5 TCF of gas, that's on top of the 3.45 TCF. That's nearly 8 TCF that's just for the Ntorya accumulation. It's mind bogling. 😀
"furthermore, the new 3d seismic images a possibly even larger area of gas charged reservoir sandstones, beyond the high confidence area established by the new seismic inversion modelling. this provides for potential additional prospective gas volumes associated with the cretaceous age sand units tested in nt-1 and nt-2 (units 1 and 2) and for the possible existence of an as yet undrilled shallower sand unit (unit 3), to be tested by the forthcoming chikumbi-1 (ch-1) appraisal well later in the year. an upside aggregated giip volume for the ntorya accumulation based on a success case in multiple stacked sands at ch-1, is estimated by apt to be up to 7.95 tcf (approximated to a mean unrisked p10 giip)."
"with the aim of defining preliminary 1p and 2p reserve estimates"
Once ARA book reserves, we will have a new, staggering Net Asset Value for big investors to base the share price on.
"with the aim of defining preliminary 1p and 2p reserve estimates" is how you can get AEX from a £57.90m market cap to a huge one prior to producing huge amounts of gas from the field. With 8 to 11.2 TCF recoverable. 2TCF to 2.8TCF to AEX is worth $6,000,000,000 to $8,400,000,000. Compared to the £57.90m market cap the 1p and 2p for CH-1, NT-1 and NT-2 should make AEX significantly undervalued based on the below. And the full field even more so.
"Enterprise Value/Proven and Probable Reserves
This is enterprise value compared to proven and probable reserves (2P). It's an easily calculated metric which requires no estimates or assumptions. It helps analysts understand how well its resources will support the company's operations.
Reserves can be proven, probable, or possible reserves. Proven reserves are typically known as 1P. Many analysts refer to it as P90, or having 90% probability of being produced. Probable reserves are referred to as P50 or having a 50% certainty of being produced. When used in conjunction with one another, they are referred to as 2P.
The EV/2P ratio should not be used in isolation, since reserves are not all the same. However, it can still be an important metric if little is known about the company's cash flow. When this multiple is high, the company would trade at a premium for a given amount of oil in the ground. A low value would suggest a potentially undervalued firm."
https://www.investopedia.com/articles/basics/11/common-multiples-used-in-oil-and-gas-valuation.asp
"Same old, same old" vacuous, one sided headlines from mctripe..... why not tell the whole story mctripe? About the justifiable reasons for the disparity between the headline resources and the NAV and thenagain between the NAV and the Market Cap?
Why? because, firstly it doesn't meet your one-eyed agenda and secondly, you really don't have a clue do you? Happy with a copy and paste but not a clue about its application.
@ Mctripe.
"A little learning is a dang’rous thing;
Drink deep, or taste not the Pierian spring:
There shallow draughts intoxicate the brain,
And drinking largely sobers us again."